---
title: Markowitz and CAPM Limitations
url: https://www.ml-quant.com/papers/ssrn/4879521/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 4879521
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4879521
featured: 2024-07-03
citations: unknown
topic: Asset Pricing & Factors
---


# Markowitz and CAPM Limitations

The article questions the validity of the MeanVariance (MV) model and the Capital Asset Pricing Model (CAPM) due to market portfolio inefficiency and the failure of asset expected returns in beta under realistic constraints.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4879521
- Identifier: SSRN 4879521
- Released: 2024-06-27
- First featured: Quant Letter No. 55 (2024-07-03): https://www.ml-quant.com/issues/2024-07-03/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Asset Pricing & Factors

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